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20121121
20121129
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1, 2013, tax breaks worth $416 billion will expire. spending on things like defense, medicare payments to doctors will be slashed by $65 billion. add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. the congressional budget office and others warn going over the cliff will send the economy into a recession in the first half of next year. it was congress and the white house that set the deadline in hopes of forcing each other to cut the federal budget deficit and begin to address the growing national debt. of the half trillion dollars the fiscal cliff is designed to cut in red ink next year, 80% of it comes in the form of higher taxes. under current law, 20% comes from lowering government spending. this is just the first step as part of a $7 trillion effort to cut the debt over the next decade. that has led some to describe what could be coming as a fiscal slope, not a cliff. whatever geological description you prefer, it is on the map for every american. >> susie: a critical issue in this fiscal cliff debate: jobs. if the gove
, there is no near-term risk factored in, and that makes me very nervous. we are being very defensive, given that risk is still out there. i wouldn't be shocked to see 5%, 10%, if we went off the cliff on the s&p. that wouldn't be a big surprise to me. put it into perspective, last august when we had the debt ceiling and a downgrade, we saw a much bigger fall in the stock market then. >> susie: you say you're uncomfortable with this kind of uncertainty. how are you positioning the portfolios for your investors? you said you're defensive. tell us more. >> so into the u.s. election, especially given that the polls were leaning towards obama, we had taken a defensive stance already. we had gone slightly underweight equities, and added more things like high-yield mortgage debt, emerging market debt, and mortgage-backed securities, that will yield as much as capital appreciation, and investments that have lower volatility than the stock market. so we have an overweight there. those investments i just spoke about, that's about 24% of our portfolio right now, and that's definitely helped us get thr
the reaction from the streets of egypt. president morsi in his own defense says, "hey, actually, i'm defending the revolution because there's been so much obstruction that i need these powers just to run the country until there's a new constitution in place." plausible argument? >> it's a plausible argument, but i think for the transition it's a dangerous one. essentially, what you have is the transition process that's worked in a very bad fashion since the beginning hasn't produce aid consensus. it has 100 people who are supposed to be writing the constitution and it's dominated by islamist. the non-islammistes were threatening to walk out, not cooperating. so what morsi did yesterday was to say, okay, you can't challenge that process. and i think instead of making it so those people come back to the assembly and really buckle down and write a consensus document what, it's going to do is harden positions, so those people who are outside of the process, those people who are a minority in the constitutional assembly are just going to pull out of it entirely, and the whole process is going to be
israeli prime minister benjamin netanyahu, from defense minister ehud barak, that they achieved a lot of theirs goals, a cease-fire agreement with hamas in which they agree to not fire rockets. on a military level, they say they've managed to take out a lot of hamas' long-range rockets. that's something at the very beginning of this military operation, israeli officials promised the public here. >> now in the meantime today, there was the bombing in tel aviv. how much is known at this point about who did it and how they were able to do it? >> we've heard a lot of different groups take responsibility at this point. and we don't know yet who is responsible. rel officials say they're still looking for the person behind it. it had a couple of suspects that have been apprehended but no one has been named as the perpetrator of that attack. what we do know from the israeli police is they came from the west bank about two minutes past 12:00 here, which was just at the time when most people were taking their lunch break, they threw a bag on to a bus that was travelinged in the city of tel aviv
that the defense minister did a good job as well and a full 79% feel that the chief of staff -- they were pleased with his job in this campaign. the those seemed to be rather positive, of course, when people are looking at those numbers, looking ahead to next week's primaries. >> sreenivasan: so we saw a huge massive buildup of troops along the gaza border. what's happened to the israeli military now? are they withdrawing some? >> they are withdrawing some. at the same time the chief of staff has put out a statement that some will remain. we're in a cautious period right now. so while troops, yes, we were seeing them leave, we were seeing the tractors pull up and pull up the tanks and the tanks were withdrawing and so were the troops, we're getting ready to get out. some will be left behind. again, we're in this period right now of wait-and-see, measuring the situation. schools are not going back to operating tomorrow. those kids will still be staying home from school until the south. so the army is also at the same time keeping a presence down there. we don't get numbers. they won't give us numb
. and then came the 1980s and the tax cuts of ronald reagan combined with greater defense spending leading to hugely higher annual deficits covered by borrowing. and thus again a swelling national debt. but with no wars at all. then under presidents george h.w. bush and bill clinton we took action. for a while, both parties agreed, says simon johnson. >> there was a bipartisan agreement to raise revenue and put something of a damper on spending. so that's an important moment in the bigger picture, of course, that was just a small hesitation on the part of a much larger national debt. >> reporter: because in the bigger picture, a president just can't accomplish very much if he's cutting spending and won't raise taxes. and so yet again, more borrowing. under presidents george w. bush and barack obama. higher deficits and debt that, because of the graying baby boom, are fated to get even worse. >> the population was always going to age, the baby boomers were going to retire. they were paying a lot of social security contributions in 1990s. we were always going to shift into structural deficit
Search Results 0 to 5 of about 6